Bishah’s accumulated losses reaches 128.9% of its capital by the end of October
Bishah Agricultural Development said its accumulated losses hit SAR 64.46 million, 128.9 percent of paid-up capital, on October 31.
October’s losses were SAR 88,000 (SAR 0.02/share) making a total net loss of SAR 649,000 for the last ten months.
The company said that 2014’s losses were driven by SAR 250,000 representing deferred expenses amortization premium, renting refrigerators for the dates plans and recording external auditor’s fees for the period.
The company added that shareholders’ equity includes SAR 15.75m representing the book value of agriculture complex land which was a state gift.